The National Association of Insurance Commissioners’ (NAIC) Executive Committee has adopted language that would allow for some types of “rebates” to be offered to consumers, unanimously approving amendments to Section 4(H) (“Rebating”) of the NAIC Unfair Trade Practices Act (Model #880) (UTPA). The revised language permits insurers or producers to “[o]ffer or give non-cash gifts, …
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State interpretation and application of anti-rebating laws varies, and, about a year ago, those variations prompted the National Association of Insurance Commissioners’ (NAIC) Innovation and Technology Task Force, led by Commissioner Jon Godfread (ND), to further investigate the section of the Unfair Trade Practices Act (Model #880) that addresses rebating. Prompted by that investigation, the Task Force tasked a …
During the National Association of Insurance Commissioners’ (NAIC) recent Fall National Meeting in Austin, TX, the Innovation and Technology Task Force, led by Commissioner Jon Godfread (ND), voted to develop amendments to the Unfair Trade Practices Act (Model #880) to address rebating. Commissioner Godfread noted that anti-rebating laws have existed in some form or another …
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